Republicans have made killing the Consumer Financial Protection Bureau a primary goal in their efforts to undo everything President Obama and Democrats managed to accomplish in the first two years of his term. To that end, Senate Republicans have vowed to filibuster any candidate for the CFPB unless the agency is gutted and made essentially powerless.
In the wake of that threat, Rep. Barney Frank, co-author of the Dodd-Frank Wall Street reform bill that became law last year, says it's likely President Obama will make a recess appointment to the Consumer Financial Protection Bureau.
Frank, speaking to reporters, said the announcement by the Republicans has freed President Barack Obama to ignore them and name a CFPB director during a Senate recess, which would avoid the difficult confirmation process. "I assume they will now make a recess appointment," he said.
A panel in the Republican-controlled House of Representatives last week approved a bill that would weaken the CFPB. Like much of the GOP's anti-Dodd-Frank agenda, the measure was expected to stall in the Democratic-controlled Senate, with Obama's veto pen looming in the background.
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